Health Insurance Related Products that “Fit the Need and Fit the Budget”
Health Related Insurance Products, that’s what I do here at InsuranceThatFits.com. Insurance is what keeps you from moving backwards when life happens. We focus on Medicare, but all of our products are health related insurance you need throughout your life.
Life insurance for instance. I remember one of the first policies I sold on a child. The parent explained to me that he had lost a child a few years before while in the Army. He said, “it’s bad enough that you lose a child, but then you go bankrupt on top of it.” I have life insurance on every member of my family.
Term Life Insurance
The most common use of life insurance is of course when someone has children, a house to pay for, possibly college to pay for, retirement to fund. If something happens to either parent the whole family is generally thrown into financial chaos as well. Term life insurance fits in that case I I really like the term policies from National General and Midland National. For many policies you can get the coverage you need with no health exam at rates that are more than competitive.
Guaranteed Universal Life Insurance
For retirees life insurance is a way to protect both their spouse and to plan for a legacy. Far too often one spouse or another passes early in retirement and the medical bills and funeral arrangements eat into the retirement nest egg significantly. Life insurance can replace that allowing the surviving spouse a financial reprieve. For those kinds of policies I prefer a GUL from Midland National.
Whole Life Insurance
Other parents act much earlier and set up a whole life policy on their children. These types of policies grow over time, develop cash value, and can be used by the kids throughout their life as collateral or they can use the cash in the policy to start a business or it can even augment their retirement. Many of these policies can be set up so that you pay a limited number of years and then the policy stays in force with no more payments. I prefer Ohio National for these types of whole life policies.
Disability Insurance (A Health Related Policy that provides income when you cannot work)
Disability is an insurance that most people don’t have unless they work for a large corporation that offers it as a benefit. I have too many clients who are disabled and all they have to rely on is Social Security disability. It often takes them years to get it and by then their lives are already a financial mess. Let me ask you this, “Would you rather make $60,000 a year or make “62,000 a year and have $35,000 a year to fall back on (not counting what you might get from Social Security Disability) if something happened where you couldn’t work? My “go to” companies for disability are Illinois Mutual for nurses, plumbers, HVAC techs, electricians, etc. For others like lawyers and doctors Ohio National has some great specialty policies.
Long term care insurance is a health related insurance policy that provides people with more options if they get to a point in life that they can no longer completely care for themselves. While many people think that this type of policy is only for nursing homes, much of the time care is given in place where the policy holder lives. This is often more desirable for the policy holder and less expensive.
The tough part with long term care is getting approved in the first place. Many people wait too long to even apply for long term care insurance. That’s the human condition, we don’t want to pay the bill until we have the need. The problem is by the time you have the need you can’t qualify. You can get homeowners insurance when your house is on fire. Almost 50% of people who apply for long term care coverage are rejected.
There are two alternatives for traditional Long Term care policies. One is what is called a hybrid product. It is essentially
Medicare is a the most common health related insurance we help with. Most of my clients that are in their early 60’s don’t want to get older, but at the same time…they cannot wait to get to Medicare!
You paid in a bit on each paycheck during your working career and now, when you retire part of your coverage has no premium. That’s not a bad thing. Now, there is a premium of $144.60 (typical in 2020, but it can vary) a month that will likely come out of your Social Security check, but that is far, far less than you would pay for a policy on the open market.Learn More
Most people don’t even think of disability insurance as a health related insurance product.
The fact is you are much more likely to use disability insurance than you are to die during the term of a term life insurance policy.
Think of is this way…would you rather make $65,000 a year and have nothing to fall back on or $62,500 and have $40,000 coming in if you were not able to work?
In conjunction with Social Security disability you could be back to your original income level. And if you are paying the premiums instead of your employer the benefits are not taxable income!Learn More
Long-term care is a health insurance related product that can give you more options in the years of your life that you would rather not think about.
However, most people have never had an estimate done…they just assume what they have heard is true. Don’t believe everything you hear.
Long Term Care Insurance will give you more flexibility in your financial choices when you get older. Whether you get care at home or in a full time nursing home is your choice. LTC helps you afford the care and not burn through your life savings while doing so.
Let InsuranceThatFits.com help you understand the this financial protection and get you a quote.Learn More